While the new tank terminal on the Eerste Maasvlakte in Rotterdam has not yet been used, the owner HES International already had to apply for payment deferral last week. The construction of the so-called HES Hartel Tank Terminal has been significantly delayed for various reasons and the banks do not want to invest even more money in it.
Construction of the tank terminal was expected to be completed in 2019, but various setbacks caused delays, according to FD research.
There is currently a shortage of funds to complete the project. “The corona pandemic has affected the deployment of personnel and, for example, the supply of material,” says FD journalist Pieter Lalkens. “A fire also broke out at an associated control station last August, which again caused delays.”
BP extension
Intended customer BP will store its products at the HES Hartel Tank Terminal for fifteen years. “BP also has a nearby refinery to which pipelines have already been laid. Now BP says it no longer feels bound by the agreements made in 2017, mainly due to the huge delay. Now that the intended customer is also failing, this indicates a problematic situation.’
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
